Possible Disposal of Stockbroking Business

Raphael Zorn Hemsley Hldgs PLC
18 January 2000


Raphael Zorn Hemsley Holdings PLC ('RZHH' or 'the Company')

The Board of RZHH announces that it is in discussions with a third party which
may or may not lead to a sale of its private client stockbroking and investment
management business.  These discussions are at a preliminary stage and it is too
early to predict their outcome.  The Company intends to focus on its investment
banking and capital markets activities within its specialist sectors.